Nabiullina urged to consider the risks when implementing new technologies in the economy

The Bank of Russia does not prohibit the introduction of new technologies in the financial sector of the country, but at the same time should think about the risks associated with these technologies, said the head of the Central Bank Elvira Nabiullina at a forum Finopolis-2017.

«We are interested in the development of technology. We studied many technologies and implement in their activities, trying to create conditions that would help our traditional financial institutions hesitate to implement these technologies. But we as a regulator have to think about the risks. But this is regulation in the financial sector. Risks when introducing new technology there are always» she said, adding that the financial sector present risks of consumer rights protection and vulnerability to cyberrisks.

«Why am I talking about risks? Because the development of new technologies must simultaneously, hand-in-hand to go with the answers to the questions associated with these risks. And the answer should be not to prohibit new technologies, we do not. You probably all follow the debate on the cryptocurrency, you know, cautious stance of the Central Bank on the cryptocurrency. However, we very much supported the same technologies that underpin cryptocurrencies, blockchain, we specifically tested these technologies. But we have to see risks,» — said the head of the regulator.

Nabiullina also noted that today the landscape of the financial sector is changing — FINTECH-companies have come into the territory of traditional financial institutions, and competition gets tougher. «The success of the competition depends on the recognition of those technologies that can be applied in the financial sector, largely from technological solutions», — said the head of the Central Bank.

A number of countries have opened their markets to cryptocurrencies — digital tools based on the technology of blockchain. The most popular cryptocurrency in the world is bitcoin. However, the Russian authorities are wary of this issue. Central Bank repeatedly stated that it was premature admission to trading of cryptocurrencies in Russia and warned about the high risks of their use. The Bank of Russia at present is not only against payments in the cryptocurrency, but also against equating them to foreign currencies, seeing them as signs of «financial pyramids».

Deputy Finance Minister of Russia Alexei Moiseev told RIA Novosti in September that the government decided not to regulate cryptocurrency, and concentrate on the legalization of the technology of the blockchain. According to some experts, this technology allows to significantly optimize the costs of business and the state.